Layaway: a good option for budget-conscious consumers

With the economy on the upswing national and local retailers alike are promoting layaway plans to help families buy something special for their loved ones without breaking the bank.

Identifying a safe and cost-effective layaway arrangement can be difficult.

First Fidelity Bank offers this tip for shoppers considering layaway this holiday season:

Watch out for fees. Sometimes, companies will include fees in addition to the stated payment installments, often as storage fees for keeping the product on the shelf instead of making it available to buyers willing to pay for it on the spot. Know what these fees are and what the final total of your payment will be, and make sure that total is an economically sound alternative to buying the product through another avenue.